This press release is rather vague, there is no mention of double digit royalties, so safe to assume it is single digit.
Item 8.01. Other Events.
On October 1, 2015, Apricus Biosciences, Inc. (the “Company”), through its wholly-owned subsidiary NexMed (U.S.A.), Inc., entered into a distribution agreement with Ferring International Center S.A. (“Ferring Pharmaceuticals”), whereby the Company granted Ferring Pharmaceuticals exclusive rights to market the Company’s Vitaros™ drug for the treatment of erectile dysfunction in Latin American countries, including Central America, South America and certain Caribbean countries (the “Territory”).
Under the terms of the agreement, the Company will receive an upfront payment of $2.25 million from Ferring Pharmaceuticals. The Company is also eligible to receive up to $16 million in regulatory and sales milestone payments, plus high single-digit royalties based on Ferring Pharmaceutical’s net sales of the product in the Territory. Ferring Pharmaceuticals has agreed to obtain all necessary regulatory marketing approvals. |
